Hilb Group expands Tri-State presence with acquisition of Hiram Cohen & Son

Hilb Group (THG), a U.S.-based insurance brokerage backed by Abry Partners, has acquired Hiram Cohen & Son, a 101-year-old property and casualty agency headquartered in New York, expanding its footprint in the Tri-State region. The deal, announced on December 25, 2020, involves the integration of a fourth-generation family-run firm known for its specialization in high-net-worth personal lines and tailored insurance for law firms, real estate professionals, family offices, and financial institutions. The financial terms of the acquisition remain undisclosed.

This transaction marks a strategic addition to Hilb Group’s ongoing roll-up strategy in the insurance sector. By bringing in Hiram Cohen & Son, the Richmond, Virginia-headquartered brokerage reinforces its reach into affluent segments of the New York insurance market—an area known for high premiums, complex risk profiles, and intense competition.

Why did Hilb Group target Hiram Cohen & Son for acquisition?

Founded in 1919, Hiram Cohen & Son (HCS) has operated for over a century as a family-owned insurance intermediary. Its longevity is anchored in a client-first approach, and a portfolio that spans both personal and commercial lines. The agency has built deep client relationships across New York’s legal, financial, and luxury property sectors—areas that are particularly lucrative for property and casualty insurers.

Industry analysts in late 2020 noted that mid-sized regional agencies like HCS offer strategic value for consolidators such as THG. These firms often have loyal client bases, long renewal cycles, and deep penetration in specialized niches that are difficult to build organically. The timing of this acquisition coincides with a broader wave of consolidation in the U.S. insurance brokerage industry, as private equity-backed brokerages like THG compete aggressively for growth through inorganic means.

HCS’s President Darren Cohen emphasized that the deal offers both continuity and expansion: “By joining THG, our clients will receive the same degree of customer service that they have come to expect, plus the additional capabilities, expertise and resources available through a larger organization like THG,” he said in a statement.

What does Hiram Cohen & Son bring to the Hilb Group platform?

The acquisition provides Hilb Group with enhanced expertise and a prestigious book of high-net-worth accounts. HCS has differentiated itself in the crowded Tri-State market with its ability to service clients who require discreet, customized coverage—such as private art collections, multimillion-dollar properties, and complex trust structures. Additionally, its relationships with boutique law firms and family offices offer cross-selling opportunities for employee benefits and risk consulting services within THG’s portfolio.

Under the agreement, Ronald Cohen, Darren Cohen, and the entire HCS staff will continue to operate from their current location in Williston Park, New York, now under Hilb Group’s Tri-State regional operations. This continuity is expected to minimize client disruption while allowing THG to integrate back-office functions and expand cross-functional capabilities.

Hilb Group CEO Ricky Spiro remarked, “I’ve known Ron and Darren for more than 10 years and I’m excited they are now part of the THG team. HCS has a long history of providing expert advice coupled with top-notch client service.” He described the acquisition as an acceleration of Hilb’s regional momentum, stating that the firm will continue leveraging the experience and reputation of HCS to fuel growth in the New York–New Jersey–Connecticut corridor.

How does this acquisition align with Hilb Group’s expansion strategy?

The Hilb Group, founded in 2009, has pursued an aggressive acquisition model, with more than 90 acquisitions completed since its inception. Backed by Boston-based private equity firm Abry Partners since 2015, THG has grown into one of the largest independent insurance brokerages in the U.S., operating across more than 20 states.

The firm’s growth thesis centers around acquiring entrepreneurial agencies that provide niche expertise or geographic penetration in desirable markets. The Tri-State region, with its concentration of wealth, commercial property, and legal institutions, is a key growth territory. Adding a firm like HCS helps THG scale its operations in this high-potential area while preserving client relationships and localized knowledge.

In the context of the 2020 market, this acquisition is also reflective of how COVID-19 accelerated consolidation in the insurance sector. Many smaller agencies faced operational or liquidity pressures, while firms with private equity backing such as THG were better positioned to capitalize on valuation resets.

What are analysts saying about the acquisition?

As of late December 2020, analysts tracking the insurance brokerage sector suggested that this acquisition could bolster Hilb Group’s already strong presence in high-value markets. While specific financial details are not disclosed, industry experts estimated that agencies like HCS typically trade at EBITDA multiples ranging from 8x to 12x depending on client concentration and premium volume.

Institutional sentiment surrounding THG’s acquisition pipeline has remained positive, especially among investors who see insurance brokerage as a stable, fee-driven business model with low capital expenditure requirements. The inclusion of HCS also adds defensibility to Hilb Group’s portfolio, given the low churn and premium resilience typically observed in high-net-worth accounts.

What does the future hold for Hilb Group after this acquisition?

While Hilb Group has not publicly detailed its 2021 acquisition pipeline, the addition of Hiram Cohen & Son signals a continuation of its buy-and-build model. The firm is expected to pursue further regional tuck-ins across affluent urban and suburban areas, particularly where local agencies maintain long-standing community ties.

The continued leadership of Ronald and Darren Cohen at the Williston Park office ensures that the legacy of HCS remains intact while benefiting from THG’s national platform. For clients, the combination is expected to provide access to broader markets, deeper bench strength in risk management, and expanded digital capabilities.

For Hilb Group, this deal underscores its commitment to expanding its service to complex insurance buyers and affluent households. As macroeconomic uncertainties and pandemic-related risks continue to reshape the industry, the role of trusted advisors like HCS becomes more valuable—particularly when backed by the scale and reach of a national player like THG.